Citigroup once dreamt of turning Long Island City into a less-expensive Midtown offshoot, but as the bank continues to sell off its Court Square surrounding properties, that dream is definitely deferred. Now, the New York Daily News reports that private equity firm Savanna wants to ditch their controlling stake in the Citigroup building at One Court Square after less than a year of ownership. The sale could become the borough's priciest commercial real estate transaction, because of course it will trade for more than $481 million, as it did to an investment group led by David Werner in 2012. NYDN is forecasting a sale price north of $500 million.
The building currently reigns as Queens' tallest tower at 673 feet, but may soon be surpassed by a 915-foot-tall behemoth that Property Markets Group filed plans for in March.
· The tallest tower in Queens has quietly hit the market: sources [NYDN]
· Citi-Owned LIC Sit Could Give Rise to a 40-Story Building [Curbed]
· All One Court Square coverage [Curbed]